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CALGARY, Sept. 5, 2019 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) provided an update today on the Canadian Mainline open season regulatory process.
On August 2, 2019, Enbridge commenced an open season, offering firm capacity on its crude oil Mainline system, effective upon expiry of the Competitive Toll Settlement that is in place until July 1, 2021. The open season is the first stage of Enbridge determining whether there is sufficient commercial interest for its offering to provide priority access on the Mainline for terms of 8 – 20 years.
The Mainline offering is in direct response to customers' desire for low cost transportation to important downstream markets and guaranteed access to the Enbridge Mainline, for the benefit of our industry and all stakeholders. The offering reflected in the open season terms is based on significant consultation with the entire industry over a period of 18 months and reflects numerous enhancements proposed by potential shippers.
Since embarking on the open season, certain parties, including shippers and non-shippers, have filed letters and an application to the Canada Energy Regulator (CER) requesting among other things that the CER declare that Enbridge may not offer contract carriage on the Mainline system until the terms, conditions and tolls of the contract offering are approved by the CER, and if it is not possible for the CER to issue such a decision by September 18, 2019, that it stay the open season pending a decision.
The CER established an expedited process and timetable for other interested parties to submit comments by noon today and for Enbridge to respond to those submissions by September 11, 2019. The CER process centers around determining whether the CER has the authority to stay the open season pending the CER's decision on the submissions and whether an open season should be held before or after the CER has decided on any future application that may be filed by Enbridge for firm service.
Enbridge believes that its open season is entirely appropriate and consistent with a well-established practice of ensuring commercial support before seeking regulatory approval, a view that is shared by a range of customers who have submitted letters to the CER today. These letters indicate support for contract carriage on the Mainline, acknowledge Enbridge's willingness to negotiate the terms and conditions of service in developing the open season offering, and support the open season proceeding as planned to ensure that its results can fully inform any application that Enbridge may file with the CER.
The attached background provides additional information and key aspects of the offering.
Forward-looking information, or forward-looking statements, have been included or incorporated by reference in this news release to provide information about Enbridge Inc. ("Enbridge" or the "Company") and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' and affiliates' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the open season for transportation services on the Canadian Mainline pipeline system, including the benefits and timing thereof and the process and timetable to receive applicable governmental, regulatory and other approvals, including any approvals of the Canadian Energy Regulator.
Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for the Company's services. Similarly, exchange rates, inflation and interest rates impact the economies and business environments in which the Company operates and may impact levels of demand for the Company's services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty.
Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.
About Enbridge Inc.
Enbridge Inc. is a leading North American energy infrastructure company. We safely and reliably deliver the energy people need and want to fuel quality of life. Our core businesses include Liquids Pipelines, which transports approximately 25 percent of the crude oil produced in North America; Gas Transmission and Midstream, which transports approximately 20 percent of the natural gas consumed in the U.S.; and Utilities and Power Operations, which serves approximately 3.7 million retail customers in Ontario, Quebec and New Brunswick, and generates approximately 1,600 MW of net renewable power in North America and Europe. The Company's common shares trade on the Toronto and New York stock exchanges under the symbol ENB. For more information, visit www.enbridge.com
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SOURCE Enbridge Inc.